The narcissist always feels "bad". He experiences all manner of depressive episodes and lesser dysphoric moods. He goes through a full panoply of mood disorders and anxiety disorders. He experiences panic from time to time. It is not pleasant to be a narcissist.

But he has a diminished capacity to empathise so he rarely feels sorry for what he does. He almost never puts himself in the shoes of his "victims". Actually, he doesn't regards them as victims at all! It is very common for the narcissist to feel victimized, deprived and discriminated against. He projects his own moods, cognitions, emotions, and actions onto others.

Sure, he feels distressed because he is intelligent enough to realise that something is wrong with him in a major way. He compares himself to others and the outcome is never favourable. His grandiosity is one of the defence mechanisms that he uses to cover up for this disagreeable state of things.

(From the book "Malignant Self-love: Narcissism Revisited" by Sam Vaknin - Click on this link to purchase: http://www.narcissistic-abuse.com/thebook.html)